Electric vehicle (EV) stocks significantly outperformed internal combustion engine stocks in the previous year due to global pressure to reduce carbon emissions. EV sales are projected to grow 50% in 2021 compared to only 2-5% growth for ICE vehicle sales. EV market penetration is also projected to increase from the current 4% to 31% by 2030. Some major automakers are adapting by redesigning upcoming models to include more electric vehicles. The document recommends several top EV stocks for investors to gain exposure to the growing sector.
Beat FDs with US Treasuries | Century Financialrayanwarner
This document summarizes investment opportunities in US Treasuries, which offer yields of 4-4.02% for bonds maturing in late 2025. The document notes that US Treasuries are considered virtually risk-free due to being backed by the US government. The benefits listed are low minimum investment amounts, high liquidity, and the highest yields in 15 years. Risks involved in backtesting trading strategies are also briefly outlined.
Beat FDs with US Treasuries | Century Financialrayanwarner
This document summarizes investment opportunities in US Treasuries, which are considered virtually risk-free. It lists several US Treasury bonds maturing in 2025, providing the yield to maturity around 4%. US Treasuries offer benefits like high liquidity, minimal risk, and the highest yields in 15 years. However, the document notes that trading carries risks and past performance does not guarantee future results.
Global markets experienced a havoc since the start of 2022 on the notion that Federal Reserve policy makers are poised to signal plans for their first interest rate hike since 2018
The document provides information on Euro-Buxl bond futures, which allow investors to hedge long-term German government debt. It discusses the contract specifications, correlation with German bond yields of various maturities, technical indicators for trading, and risks of backtested strategies. Euro-Buxl futures are most correlated with 30-year German bond yields and Ichimoku analysis shows a 71% win rate based on historical data backtesting. However, backtested results have limitations and may not reflect actual trading performance.
Top 10 China Stock Picks - Century Financialrayanwarner
The document is an email from Century Financial advising that their top 10 China stock picks report is ready to be downloaded from their website. It provides a disclaimer that the information in the report is for informational purposes only and should not be considered advice. It also notes several risks and limitations of the information provided.
Information to help you and your family manage your inheritance questions, plan your retirement and ensure you have sustainable cash flow to see you through your twilight years.
Electric vehicle (EV) stocks significantly outperformed internal combustion engine stocks in the previous year due to global pressure to reduce carbon emissions. EV sales are projected to grow 50% in 2021 compared to only 2-5% growth for ICE vehicle sales. EV market penetration is also projected to increase from the current 4% to 31% by 2030. Some major automakers are adapting by redesigning upcoming models to include more electric vehicles. The document recommends several top EV stocks for investors to gain exposure to the growing sector.
Beat FDs with US Treasuries | Century Financialrayanwarner
This document summarizes investment opportunities in US Treasuries, which offer yields of 4-4.02% for bonds maturing in late 2025. The document notes that US Treasuries are considered virtually risk-free due to being backed by the US government. The benefits listed are low minimum investment amounts, high liquidity, and the highest yields in 15 years. Risks involved in backtesting trading strategies are also briefly outlined.
Beat FDs with US Treasuries | Century Financialrayanwarner
This document summarizes investment opportunities in US Treasuries, which are considered virtually risk-free. It lists several US Treasury bonds maturing in 2025, providing the yield to maturity around 4%. US Treasuries offer benefits like high liquidity, minimal risk, and the highest yields in 15 years. However, the document notes that trading carries risks and past performance does not guarantee future results.
Global markets experienced a havoc since the start of 2022 on the notion that Federal Reserve policy makers are poised to signal plans for their first interest rate hike since 2018
The document provides information on Euro-Buxl bond futures, which allow investors to hedge long-term German government debt. It discusses the contract specifications, correlation with German bond yields of various maturities, technical indicators for trading, and risks of backtested strategies. Euro-Buxl futures are most correlated with 30-year German bond yields and Ichimoku analysis shows a 71% win rate based on historical data backtesting. However, backtested results have limitations and may not reflect actual trading performance.
Top 10 China Stock Picks - Century Financialrayanwarner
The document is an email from Century Financial advising that their top 10 China stock picks report is ready to be downloaded from their website. It provides a disclaimer that the information in the report is for informational purposes only and should not be considered advice. It also notes several risks and limitations of the information provided.
Information to help you and your family manage your inheritance questions, plan your retirement and ensure you have sustainable cash flow to see you through your twilight years.
20130417 - Winged Foot Capital - How to diligence a quant strategy_d2.pdfRam Ahluwalia, CFA
Winged Foot Capital provides a framework for diligencing quantitative investment strategies. They discuss evaluating managers who are reluctant to reveal their strategies by decomposing performance into skill and breadth using the Fundamental Law of Active Management. Winged Foot also emphasizes the importance of controlling exposure to systematic risk factors through hedging in order to maximize risk-adjusted returns. Leverage allows managers to operate on an efficient frontier with higher returns while maintaining their risk-adjusted performance. Diligence should focus on managers with sustainable edges, relative value approaches, and large opportunity sets to increase breadth.
- Wood has completed the sale of its Built Environment Consulting business, restoring its financial strength. This marks a new chapter for Wood with a new leadership team focused on a more disciplined and selective strategy.
- Wood has addressed legacy issues like losses from lump sum turnkey (LSTK) contracts and is now well-positioned for growth in attractive markets that enable the energy transition, with around 22% of current revenue from sustainable solutions.
- The strategy is to outperform market growth rates over the medium term, increase adjusted EBITDA through margin improvement, and generate sustainable free cash flow.
This document provides an overview of FIG Partners' methodology for analyzing trust preferred CDOs (TRUPS CDOs). It utilizes a proprietary model that takes both a top-down and bottom-up approach, estimating default vectors at the system level and for individual issuers. Issuer risk is assessed using financial metrics to assign a rating of 1 to 3. Cash flows are modeled using loss, prepayment, and default rate assumptions. Securities are then priced to determine fair value and assess potential other-than-temporary impairment. Contact information is provided for FIG Partners teams in Atlanta and Los Angeles.
This document provides a summary of derivative market data including Nifty and Bank Nifty futures prices and open interest. It also provides information on positive and negative open interest changes for various stocks, as well as data on implied volatility, FII and DII flows, and disclaimers.
Maroc telecom new acquistions - hold cfg group 05-05-2014-mehdiammouri
Maroc Telecom has announced an agreement to acquire telecom assets in 6 African countries from Etisalat for 5.3 billion MAD. The assets, which include operations in Benin, Ivory Coast, Togo, Niger, Central African Republic and Gabon, generated revenues of 4.9 billion MAD and EBITDA of 22.3% in 2013. The acquisition will increase Maroc Telecom's international revenues to 44% of total from 27% in 2013 and diversify its operations beyond Morocco. The research firm maintains its target price and hold recommendation pending further analysis of the financial impact of the transaction.
A systematic fund of managed accounts ( Jun 2011 )Peter Urbani
The document discusses a proposed systematic fund of managed accounts that aims to meet increasing demands from investors for greater liquidity, transparency, and reasonable returns. The fund would utilize a proprietary scoring methodology called SFA to rank and select a diverse range of managed accounts on a monthly basis based on risk-adjusted performance, downside protection, and return persistence. Back-testing of the systematic selection process shows the potential to achieve a reasonable risk-adjusted return while offering weekly liquidity and daily transparency into holdings.
BuildDirect's Q2 2022 investor presentation highlights a decrease in revenue and gross profit compared to the previous quarter, largely due to slowing customer demand, while adjusted EBITDA grew significantly. The presentation emphasizes BuildDirect's strategy of focusing on professional customers through acquisitions that expand its product assortment and customer base. It also discusses risks associated with suppliers, competition, and attracting and retaining customers.
Hyundai Card Corporation presented financial results and strategies for the first half of 2014. Key achievements included enhanced customer portfolio through simplified products, decreased operating expenses, and acquisition of higher spending customers. Profits increased through revenue growth and cost savings. The company aims to qualitatively grow the customer base through stronger management while balancing profitability and stability.
Ashok Leyland Q3FY15 Preview: Buy at a CMP of Rs51IndiaNotes.com
Expect volumes to grow by 33% YoY (-3.6% QoQ) led by a revival in demand seen in HCV.
- MHCVs volumes are expected to grow by 60% YoY (-6.1% QoQ) as business sentiments and economic activity improve.
- Expect realizations to improve by 17.8% YoY (-1.4% QoQ) on better product mix (higher MHCV share)
- SoftBank reported earnings results for the 3-month period ended June 30, 2018.
- Net sales increased 4% year-over-year to JPY 2,272.8 billion. Adjusted EBITDA rose 3% to JPY 721.8 billion.
- Net income soared to JPY 313.7 billion compared to JPY 5.5 billion in the previous year, driven by valuation gains from Flipkart and WeWork.
This document provides a technical analysis of a stock and recommends a buy. It summarizes that:
- The stock has broken out of a bullish pattern and a one-year falling trend line with high volume.
- The price is supported at a 61.8% Fibonacci retracement of a previous down move and is trading above its 20- and 200-day moving averages, indicating short- and long-term trends are positive.
- The price is trading above the upper band of its Bollinger Bands, generating a fresh buy signal and suggesting increased volatility in the near term.
Based on this technical analysis, the document recommends buying futures of the stock at a specified price with targets
The document summarizes the technical analysis of a stock that indicates bullish trends. On daily, weekly, and monthly charts, the stock has formed multiple bullish patterns like double bottom, flag pattern breakouts, and tweezer bottoms. Short, medium, and long-term moving averages also show the stock is trading above them, indicating bullish trends. Momentum indicators like MACD have given buy signals, which is considered a positive sign. Based on this technical analysis, further upside movement in the stock is expected. The analyst recommends buying the stock at the current price for targets above 1200.
This document provides a summary of derivative market data and analysis from February 22, 2019. It includes the following key points:
- Nifty and Bank Nifty futures closed slightly up with small premiums to the spot prices. Open interest was up across futures series for both indexes.
- Max call open interest was at 11,100 strike and max put open interest was at 11,000 strike for Nifty.
- Specific stocks like HINDALCO and SAIL saw increases in open interest, indicating long buildup, while stocks like GAIL and NMDC saw decreases, indicating long unwinding.
- Implied volatility increased for some stocks like TATAELXSI, while decreasing
The document provides a technical analysis of the GBPINR currency pair. It summarizes that:
1) The GBPINR pair has given a negative breakout below key support lines and moving averages, indicating a weakening long-term trend.
2) Technical indicators like the RSI suggest further downside potential for the pair to reach support levels between 95.25 to 94.20.
3) The analysis recommends selling the GBPINR pair at current levels with a target of 95.25 and stop loss of 98.40.
This document provides an overview of AlphaCrest Capital Management LLC and its investment strategies. It describes AlphaCrest as a team of researchers, including a Nobel Laureate, that uses empirical validation and systematic trading processes. It also outlines AlphaCrest's research methodology, which involves developing potential alpha sources, formulating hypotheses, analyzing data, conducting peer reviews, and presenting ideas to a research committee for approval. The document notes some key risks of investing including unpredictability, leverage risks, model and trading risks, and operational risks.
20130417 - Winged Foot Capital - How to diligence a quant strategy_d2.pdfRam Ahluwalia, CFA
Winged Foot Capital provides a framework for diligencing quantitative investment strategies. They discuss evaluating managers who are reluctant to reveal their strategies by decomposing performance into skill and breadth using the Fundamental Law of Active Management. Winged Foot also emphasizes the importance of controlling exposure to systematic risk factors through hedging in order to maximize risk-adjusted returns. Leverage allows managers to operate on an efficient frontier with higher returns while maintaining their risk-adjusted performance. Diligence should focus on managers with sustainable edges, relative value approaches, and large opportunity sets to increase breadth.
- Wood has completed the sale of its Built Environment Consulting business, restoring its financial strength. This marks a new chapter for Wood with a new leadership team focused on a more disciplined and selective strategy.
- Wood has addressed legacy issues like losses from lump sum turnkey (LSTK) contracts and is now well-positioned for growth in attractive markets that enable the energy transition, with around 22% of current revenue from sustainable solutions.
- The strategy is to outperform market growth rates over the medium term, increase adjusted EBITDA through margin improvement, and generate sustainable free cash flow.
This document provides an overview of FIG Partners' methodology for analyzing trust preferred CDOs (TRUPS CDOs). It utilizes a proprietary model that takes both a top-down and bottom-up approach, estimating default vectors at the system level and for individual issuers. Issuer risk is assessed using financial metrics to assign a rating of 1 to 3. Cash flows are modeled using loss, prepayment, and default rate assumptions. Securities are then priced to determine fair value and assess potential other-than-temporary impairment. Contact information is provided for FIG Partners teams in Atlanta and Los Angeles.
This document provides a summary of derivative market data including Nifty and Bank Nifty futures prices and open interest. It also provides information on positive and negative open interest changes for various stocks, as well as data on implied volatility, FII and DII flows, and disclaimers.
Maroc telecom new acquistions - hold cfg group 05-05-2014-mehdiammouri
Maroc Telecom has announced an agreement to acquire telecom assets in 6 African countries from Etisalat for 5.3 billion MAD. The assets, which include operations in Benin, Ivory Coast, Togo, Niger, Central African Republic and Gabon, generated revenues of 4.9 billion MAD and EBITDA of 22.3% in 2013. The acquisition will increase Maroc Telecom's international revenues to 44% of total from 27% in 2013 and diversify its operations beyond Morocco. The research firm maintains its target price and hold recommendation pending further analysis of the financial impact of the transaction.
A systematic fund of managed accounts ( Jun 2011 )Peter Urbani
The document discusses a proposed systematic fund of managed accounts that aims to meet increasing demands from investors for greater liquidity, transparency, and reasonable returns. The fund would utilize a proprietary scoring methodology called SFA to rank and select a diverse range of managed accounts on a monthly basis based on risk-adjusted performance, downside protection, and return persistence. Back-testing of the systematic selection process shows the potential to achieve a reasonable risk-adjusted return while offering weekly liquidity and daily transparency into holdings.
BuildDirect's Q2 2022 investor presentation highlights a decrease in revenue and gross profit compared to the previous quarter, largely due to slowing customer demand, while adjusted EBITDA grew significantly. The presentation emphasizes BuildDirect's strategy of focusing on professional customers through acquisitions that expand its product assortment and customer base. It also discusses risks associated with suppliers, competition, and attracting and retaining customers.
Hyundai Card Corporation presented financial results and strategies for the first half of 2014. Key achievements included enhanced customer portfolio through simplified products, decreased operating expenses, and acquisition of higher spending customers. Profits increased through revenue growth and cost savings. The company aims to qualitatively grow the customer base through stronger management while balancing profitability and stability.
Ashok Leyland Q3FY15 Preview: Buy at a CMP of Rs51IndiaNotes.com
Expect volumes to grow by 33% YoY (-3.6% QoQ) led by a revival in demand seen in HCV.
- MHCVs volumes are expected to grow by 60% YoY (-6.1% QoQ) as business sentiments and economic activity improve.
- Expect realizations to improve by 17.8% YoY (-1.4% QoQ) on better product mix (higher MHCV share)
- SoftBank reported earnings results for the 3-month period ended June 30, 2018.
- Net sales increased 4% year-over-year to JPY 2,272.8 billion. Adjusted EBITDA rose 3% to JPY 721.8 billion.
- Net income soared to JPY 313.7 billion compared to JPY 5.5 billion in the previous year, driven by valuation gains from Flipkart and WeWork.
This document provides a technical analysis of a stock and recommends a buy. It summarizes that:
- The stock has broken out of a bullish pattern and a one-year falling trend line with high volume.
- The price is supported at a 61.8% Fibonacci retracement of a previous down move and is trading above its 20- and 200-day moving averages, indicating short- and long-term trends are positive.
- The price is trading above the upper band of its Bollinger Bands, generating a fresh buy signal and suggesting increased volatility in the near term.
Based on this technical analysis, the document recommends buying futures of the stock at a specified price with targets
The document summarizes the technical analysis of a stock that indicates bullish trends. On daily, weekly, and monthly charts, the stock has formed multiple bullish patterns like double bottom, flag pattern breakouts, and tweezer bottoms. Short, medium, and long-term moving averages also show the stock is trading above them, indicating bullish trends. Momentum indicators like MACD have given buy signals, which is considered a positive sign. Based on this technical analysis, further upside movement in the stock is expected. The analyst recommends buying the stock at the current price for targets above 1200.
This document provides a summary of derivative market data and analysis from February 22, 2019. It includes the following key points:
- Nifty and Bank Nifty futures closed slightly up with small premiums to the spot prices. Open interest was up across futures series for both indexes.
- Max call open interest was at 11,100 strike and max put open interest was at 11,000 strike for Nifty.
- Specific stocks like HINDALCO and SAIL saw increases in open interest, indicating long buildup, while stocks like GAIL and NMDC saw decreases, indicating long unwinding.
- Implied volatility increased for some stocks like TATAELXSI, while decreasing
The document provides a technical analysis of the GBPINR currency pair. It summarizes that:
1) The GBPINR pair has given a negative breakout below key support lines and moving averages, indicating a weakening long-term trend.
2) Technical indicators like the RSI suggest further downside potential for the pair to reach support levels between 95.25 to 94.20.
3) The analysis recommends selling the GBPINR pair at current levels with a target of 95.25 and stop loss of 98.40.
This document provides an overview of AlphaCrest Capital Management LLC and its investment strategies. It describes AlphaCrest as a team of researchers, including a Nobel Laureate, that uses empirical validation and systematic trading processes. It also outlines AlphaCrest's research methodology, which involves developing potential alpha sources, formulating hypotheses, analyzing data, conducting peer reviews, and presenting ideas to a research committee for approval. The document notes some key risks of investing including unpredictability, leverage risks, model and trading risks, and operational risks.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
1. High Yield Perpetual Bonds
By Century Financial in Investment Insights
*Trading in financial market carries risk and can result in loss of capital.
*This performance is only observed with historical backtests and not traded by the company.
The product and investment ideas do not consider the risk profile and financial position of the
recipient and may not be suitable for everyone. Trading in financial markets and use of margin
involves a significant risk of loss, which can exceed deposits. Please read the complete disclaimer
carefully.
The Fed fund rates are expected to peak at 5.25%, meaning that the current high yield won’t be
available for long. Yields tend to fall ahead of the Fed Pivot as market participants place bets ahead
of the actual event, hence now is a suitable to capitalize on the opportunity. Below are 3
recommendations for perpetual bonds, which are a good fit for investors seeking stable coupon
income and high yields.
Issuer
Name
Ask
Price
($)
Yield to
Maturity
(Mid) %
Coupon
(%)
LQA
Score
Maturity
Type
Next Call
Date
Floater
Spread
(bps)
S&P/
Moody's/
Fitch Rating
Coupon
Reset Date
Benchmark
for pricing
2. Bank of
New York
Mellon
Corp/The
97.50 7.92 4.70 76 PERP/CALL 20/09/2025 435.8 BBB/Baa1/BBB+ 20/09/2025
US
Treasury 5
Yr Maturity
T Note
Rates
JPMorgan
Chase &
Co
90.69 7.81 4.00 50 PERP/CALL 01/04/2025 274.5
BBB-
/Baa2/BBB+
01/04/2025
ICE Term
SOFR Ref
Rates 3M
Citigroup
Inc
95.55 8.41 5.00 65 PERP/CALL 12/09/2024 381.3 BB+/Ba1/BBB- 9/12/2024
ICE Term
SOFR Ref
Rates 3M
Note: Bonds have semi-annual coupon frequency
Data Source: Bloomberg
Date: 17/02/2023
Trading Details
Issuer Name ISIN Ticker CUSIP
Min.
Investment
Amount
Initial Margin
for $100,000
investment
Bank of New York Mellon
Corp/The
US064058AH32 BK IBCID421740767 $1,000 $31,030
JPMorgan Chase & Co US48128BAH42 JPM IBCID404538033 $1,000 $29,050
Citigroup Inc US172967MG30 C IBCID382324374 $1,000 $36,822
*Initial Margin as per Interactive Brokers
Credit and Liquidity Assessment
Bank of New York Mellon JP Morgan Chase & Co Citigroup Inc
Credit Assessment
Credit
Metric
BK
10
Pctl
90
Pctl
Credit
Metric
JPM
10
Pctl
90
Pctl
Credit
Metric
C
10
Pctl
90
Pctl
3. Market
Cap/Liab
(%)
0.1 0.1 7.6
Return
on
Assets
(%)
1 0.7 1.6
Return
on
Assets
(%)
0.6 0.7 1.6
Return
on
Assets
(%)
0.6 -0.1 16.1
Debt/Eq
uity (%)
233.3 13.1
163.
7
Debt/Eq
uity (%)
377 13.1 163.7
Assets/Li
ab (%)
1.1 1 3.7
LLR/NPL
(%)
293.5 122
1379
.4
LLR/NPL
(%)
13.1 122
1379.
4
Debt/Ass
et (%)
17.7 0.6 77.5
Tier 1
Capital
Ratio (%)
14.8 10.2 17.2
Tier 1
Capital
Ratio (%)
14 10.2 17.2
Debt/Eq
uity (%)
176.3 1.7 644.8
Assets/Li
ab (%)
1.1 1.1 1.2
Assets/Li
ab (%)
1.1 1.1 1.2
Liquidity Assessment
Liquidity
Metric
Scena
rio
1
Baseli
ne
Scena
rio
2
Liquidity
Metric
Scena
rio
1
Baseli
ne
Scen
ari
2
Liquidity
Metric
Scena
rio
1
Baseli
ne
Scena
rio
2
Mid-
Price
(BVAL)
97.42
Mid-
Price
(BVAL)
90.03
Mid-
Price
(BVAL
90.03
Exit Price 97.38 97.39 97.4
Exit
Price
89.93 89.96
89.9
8
Exit
Price
89.96 89.96 89.98
Liquidati
on Cost
(bps)
3.90 2.70 2.00
Liquidati
on Cost
(bps)
10 7.2 5.50
Liquidati
on Cost
(bps)
7.2 7.20 5.5
Liquidati
on
Horizon
(days
0.3 0.2 0.2
Liquidati
on
Horizon
(days
0.4 0.3 0.3 0.3 0.3 0.3 0.30
Time to
Cash
(days)
3 3 3
Time to
Cash
(days)
3 3 3
Time to
Cash
(days)
3 3 3
4. SEC 22E4
Classifica
tion
Highl
y
Liquid
Highl
y
Liqui
d
Highl
y
Liquid
SEC 22E4
Classifica
tion
Highl
y
Liquid
Highl
y
Liqui
d
Highl
y
Liqui
d
SEC 22E4
Classifica
tion
Highl
y
Liquid
Highl
y
Liqui
d
Highl
y
Liquid
AIFMD
Classifica
tion
2 to 7
days
2 to 7
days
2 to 7
days
AIFMD
Classifica
tion
2 to 7
days
2 to 7
days
2 to
7
days
AIFMD
Classifica
tion
2 to 7
days
2 to 7
days
2 to 7
days
Data Source: Bloomberg
Notes:
Scenario 1 - Assumes expected daily volume of 0.5x of baseline.
Scenario 2 - Assumes expected daily volume of 2.0x of baseline.
The 10th and 90th percentile represent the sector figures.
The liquidity assessment considers an investment of $1 million.
Appendix
Bond Rating Scale:
5. Source: Moody’s, S&P and Fitch.
Terminologies:
Investment Grade signifies that the bonds relatively have a lower risk of default and receive higher
ratings by the credit rating agencies.
Yield to Maturity: The total return anticipated on a bond if the bond is held until it matures.
6. LQA: A liquidity estimation. A higher number indicates lower bid-ask spreads.
ISIN: A 12-digit alphanumeric code that uniquely identifies a specific security.
Risks and Assumptions for Back-tested trading strategies
The risks and assumptions listed here are not intended to be an exhaustive summary of all the risks
and assumptions involved.
The strategy might suffer from look-ahead bias which occurs due to the use of information or data in
a study or simulation that would not have been known or available during the period being analyzed.
This can lead to inaccurate results in the study or simulation.
Future price movements may not be exactly the same as the historical price movements and this
could lead to variation in performance.
Testing can sometimes lead to over-optimization. This is a condition where performance results are
tuned so high to the past they are no longer as accurate in the future.
7. The model assumes no slippages in trading. Slippage refers to the difference between the expected
price of a trade and the price at which the trade is actually executed.
Drawdowns in actual trading can be higher than the tested system and losses could be significant in
the event of leverage.
Unforeseen events can lead to variation in performance from the tested trading strategy.
The tested result has been computed with price feeds available from Bloomberg.
The testing environment has not considered transaction or any other costs.
Trading indicators used for the purpose of testing has been provided by Bloomberg.
The strategy might suffer from data mining fallacy, selection bias and backfill bias.
8. Data Source: Bloomberg
Data: 17/02/2023
Arun Leslie John
Chief Market Analyst
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